Grasberg Strike Settled, Copper Pricing Heading South?

[synchro]

Just saw Bloomberg message 35 minutes ago (Saturday morning). Sunday evening should see some fireworks at least on GLOBEX HG July 07 contracts. Shanghai copper market should be interesting as well.

http://www.bloomberg.com/apps/news?pid=20601080&sid=aHKeAqWEoUEY&refer=asia

Does Copper chart look toppy to experienced eyes out there?

 

[SethArb]

copper futures are pointing north at the moment in Asian trading so who the heck knows about europe and USA trading later on

 

[synchro]

Not much action in GLOBEX Sunday night. Shanhai market is up though, so at least Shanghai didn't think the Grasberg situation is bullish or bearish. Perhaps the strike settlement is already baked in.

 

[synchro]

Perhaps I spoke too soon.....around 1pm the Shanghai market started to sell off. GLOBEX dropped in tandem... from about 3.62 to stabilizing around 3.58 bid 3.59 ask. As usual -- impossible to enter at a good price.